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Reliance Group chairman Anil Ambani strongly denied the allegations leveled in a complaint by SBI after investigators completed searches at his residence. Ambani has duly challenged SBI’s declaration before the competent judicial forum. He strongly denies all allegations and charges, and will duly defend himself, said the spokesperson. 

The complaint filed by the bank pertains to matters dating back more than 10 years, when Ambani was a non-executive director of the company with no involvement in the day-to-day management, said Ambani's spokesperson. 

The spokesperson also said that SBI has specifically and selectively singled out Ambani as it has already withdrawn proceedings against five other non-executive directors. 

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At present, Reliance Communications is being managed under the supervision of a Committee of Creditors, led by SBI and overseen by a Resolution Professional. The matter remains sub judice, pending before the NCLT and other judicial forums, including the Hon’ble Supreme Court, for the past six years.

The news comes at a time when Reliance Group's counsel has challenged SBI's ex-parte action against Ambani, stating that it is in violation of the principles laid down by the Supreme Court. 

The Reliance Group counsel has also said that SBI must reconsider its actions in this matter.

Meanwhile, Canara Bank -- a member of the consortium of lenders to RCom -- has unconditionally withdrawn its classification of the company and Ambani as fraud before the Bombay High Court on July 10. 

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